A Digital Wallet is a concept that can truly live up to its name. It is a technology that enables consumers to digitally carry payment tools such as money and cards. It is mainly used as a mobile application or cloud system. Users can carry all debit and credit cards of different banks and payment institutions in the Digital Wallet.
This technology turns devices such as computers and smartphones into payment tools. The cards in the wallet are used together with contactless payment and NFC technologies during physical shopping. On the other hand, the card information defined in the cloud comes automatically in online shopping, and instant payment can be made. In short, a Digital Wallet is the virtual version of a physical wallet.
Is it Safe to Use a Digital Wallet?
In the early days of technology, there were debates about whether an electronic wallet was safe or not. Today, there is always a suspicion of trust in banks’ card payment systems, online shopping, and even ATMs. However, some of the Digital Wallet brands that serve the consumer are the initiatives of banks.
A Digital Wallet is highly secure if used correctly. First of all, it should be ensured that e–wallet service is obtained from an approved and authorized brand that has obtained the necessary permissions. In addition, since the payments are completed without a password, computers, and phones that can access the wallet should be used carefully.
What Does a Digital Wallet Do?
A Digital Wallet replaces money. Thanks to this technology, there is no need to write cash, credit card, or card numbers. Instead, digital technologies can make payments using cards previously defined in the application. In addition, the Digital Wallet allows you to accumulate cryptocurrencies and even pay with cryptocurrencies. Therefore, this technology is also a candidate to become one of the most preferred payment methods globally.
What are the Benefits of Using a Digital Wallet?
A digital passbook has many benefits for consumers. It has quickly become widespread because it is practical, convenient, and safe. Big brands such as Google and Apple offer wallet applications are one indicator of this technology’s usefulness. In addition, e–wallets offer significant advantages not only for consumers but also for e–commerce sites. Examples of the benefits of a Digital Wallet include:
Eliminates the risk of cards being lost and stolen.
Income – expense transactions can be followed practically.
All owned debit and credit cards can be viewed from a single application.
It makes it possible to make crypto money transactions practically and securely.
Information about total assets can be obtained with the balance of each card separately.
Thanks to contactless payment and NFC technologies, payment transactions are completed quickly.
There is an opportunity to benefit from special discounts and campaigns offered by the Wallet application.
Thanks to its robust encryption infrastructures and verification systems such as fingerprint and PIN, it is highly secure.
E–commerce sites can more easily analyze consumers’ purchasing habits using digital wallets and organize unique campaigns in this way.
There is no need to enter information such as card number, expiration date, security number, and verification code in online shopping. One–click payment is possible.
Thanks to e-wallets that support international payments, shopping can be made from abroad. In addition, e–commerce sites can also receive payments from abroad with this method.